IoT Technology Market Size, Share, Trends, Growth and Industry Analysis
The IoT technology market is expected to grow from USD 384.5 billion in 2021 to USD 566.4 billion by 2027, at a CAGR of 6.7%.
The market growth can be attributed to several factors, such as emergence of 5G communications technology, increasing necessity of data centers due to rising adoption of cloud platforms, growing use of wireless smart sensors and networks, and increased IP address space and better security solutions made available through IPv6.
Remote monitoring segment to grow with the highest CAGR during the forecast period
The remote monitoring segment is expected to register the highest growth rate during the forecast period. Remote monitoring involves collecting data from assets and using these data to trigger automatic alerts and actions, such as remote diagnostics, maintenance requests, and other operational processes. By using IoT, assets located anywhere can be monitored. There are some benefits that manual monitoring or traditional monitoring systems using older connections (such as serial or POTS) cannot offer. Thats where IoT monitoring systems come in. The key advantages of these systems are less costs, data collection, enhanced efficiency of monitoring processes, and proactive maintenance.
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Network management platform segment to hold the largest share of the market during the forecast period
IoT network management enables functionalities such as authenticating, provisioning, configuring, monitoring, routing, and device software management (e.g., firmware update, bug fix, and so forth). These functionalities help to maintain good network performance and are generally provided in an IoT environment as a network service. A solid network management solution is device-agnostic and offers a simple way to incorporate cross-vendor hardware models and data structures into the IoT workflow.
North America is leading the IoT technology market in 2020
North America held the largest share in the IoT technology market in 2020. Increasing penetration of the internet in technologically advancing economies and growing adoption of wireless sensors and networks across major end-use applications such as healthcare, retail, consumer electronics, industrial, and automotive and transportation have resulted in the growth of the global IoT Sensors market. North America held the largest volume share in 2020. An established IT ecosystem and early adoption of various IoT-enabled products across multiple end-use applications are the most prominent factors behind the growth of the market this region.
Some of the key companies operating in the market are
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Table Of Content :
INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 16 DRIVERS, RESTRAINTS, OPPORTUNITIES, CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Emergence of 5G communications technology
FIGURE 17 INTERNET USERS TILL SEPTEMBER 30, 2020, BY REGION
FIGURE 18 INTERNET PENETRATION RATE TILL SEPTEMBER 30, 2020, BY REGION
5.2.1.2 Increasing necessity of data centers due to rising adoption of cloud platforms
5.2.1.3 Growing use of wireless smart sensors and networks
5.2.1.4 Increased IP address space and better security solutions made available through IPv6
FIGURE 19 CONNECTION OF DIFFERENT NODES TO CLOUD VIA IPV6
FIGURE 20 IMPACT ANALYSIS OF DRIVERS ON IOT TECHNOLOGY MARKET
5.2.2 RESTRAINTS
5.2.2.1 Unsettled concerns regarding security and privacy of user data
FIGURE 21 IMPACT ANALYSIS OF RESTRAINTS ON IOT TECHNOLOGY MARKET
5.2.3 OPPORTUNITIES
5.2.3.1 Cross-domain collaborations
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FIGURE 22 CROSS-DOMAIN COLLABORATIONS BY USING IOT
5.2.3.2 Government support for research and development of IoT technologies
5.2.3.3 Accelerated IoT adoption in healthcare post COVID-19 outbreak
FIGURE 23 IMPORTANT SERVICES OFFERED BY IOT IN HEALTHCARE
FIGURE 24 IMPACT ANALYSIS OF OPPORTUNITIES ON MARKET
5.2.4 CHALLENGES
5.2.4.1 Interoperability and lack of common standards
5.2.4.2 High power consumption by wireless sensor terminals/connected devices
5.2.4.3 Delay in deployment of IoT projects due to lack of IoT-related skills and connectivity issues
FIGURE 25 IMPACT ANALYSIS OF CHALLENGES ON IOT TECHNOLOGY MARKET
5.3 VALUE CHAIN ANALYSIS
FIGURE 26 VALUE CHAIN: IOT TECHNOLOGY MARKET
5.4 TECHNOLOGY ANALYSIS
5.4.1 ARTIFICIAL INTELLIGENCE (AI)
5.4.2 MACHINE LEARNING
5.4.3 DIGITAL TWIN
5.4.4 EDGE COMPUTING
5.4.5 WI-FI
5.4.6 CLOUD COMPUTING
5.4.7 BIG DATA ANALYTICS
5.5 PATENT ANALYSIS
TABLE 2 PATENTS IN IOT TECHNOLOGY MARKET
5.6 PORTER’S FIVE FORCES ANALYSIS
FIGURE 27 PORTER’S FIVE FORCES ANALYSIS, 2020
TABLE 3 IOT TECHNOLOGY MARKET: PORTER’S FIVE FORCES ANALYSIS
5.6.1 INTENSITY OF COMPETITIVE RIVALRY
5.6.2 THREAT OF SUBSTITUTES
5.6.3 BARGAINING POWER OF BUYERS
5.6.4 BARGAINING POWER OF SUPPLIERS
5.6.5 THREAT OF NEW ENTRANTS